一文读懂：可转债到底是什么？凭什么“下有保底，上不封顶”

Core Viewpoint - Convertible bonds are gaining attention from investors in the A-share market due to their unique advantages of "downside protection and unlimited upside potential" [2][9]. Group 1: Nature of Convertible Bonds - Convertible bonds, or Convertible Bonds (CB), are a special type of bond issued by listed companies, combining features of both bonds and stock options [2]. - As bonds, they have a fixed face value, typically 100 yuan, and a predetermined coupon rate that provides interest payments to bondholders [2]. - The coupon rates for convertible bonds are generally lower than those of ordinary bonds, but they offer a basic income guarantee [2][10]. Group 2: Stock Option Features - Convertible bonds grant bondholders the right to convert their bonds into company stock at a predetermined conversion price during a specified period [3]. - When a company's performance is strong and its stock price exceeds the conversion price, bondholders can convert their bonds to enjoy capital appreciation [3]. Group 3: Redemption and Protection Mechanisms - The put option clause is a crucial protective mechanism in convertible bond contracts, allowing investors to sell their bonds back to the issuing company at face value plus interest if the stock price falls below a certain percentage of the conversion price [5][6]. - For example, if the conversion price is 10 yuan and the stock price falls below 7 yuan for 30 consecutive trading days, investors can sell their bonds back at the agreed price [6]. - The pure bond value, or the value of the convertible bond without the conversion option, serves as an important support line for the bond's price, making it difficult for the price to fall below this value even in bear markets [7]. Group 4: Upside Potential - The conversion option is the key factor for the "unlimited upside" potential of convertible bonds, allowing bondholders to convert their bonds into shares when the stock price rises above the conversion price [8]. - For instance, if the conversion price is 10 yuan and the stock price rises to 20 yuan, the value of the shares obtained from conversion can significantly increase the investor's asset value [8]. - The forced redemption clause can also drive up the price of convertible bonds, as companies may redeem bonds when the stock price is significantly above the conversion price, prompting investors to convert their bonds to avoid missing out on further stock price increases [9]. Group 5: Market Environment and Performance - In bear markets, convertible bonds provide downside protection due to their bond attributes, resulting in relatively smaller price declines [11]. - In bull markets, the stock option feature allows investors to benefit from rising stock prices, enhancing the potential for returns [11].